Diamcor recovers 5.36 carat gem quality green octahedron diamond

Published 31 May 2017

Diamcor Mining has recovered a 5.36 carat green gem quality octahedron rough diamond from the initial processing of material in the +1.0mm to -45.0mm size fractions underway through the newly expanded facilities at its Krone-Endora at Venetia project.

The significance of this rough green diamond is currently uncertain, however given the rarity and potential high value of green diamonds, an analysis of this diamond will be performed over the coming weeks to aid the Company in determining the best course of action to take with respect to this diamond.

In certain instances, radiation may cause the outer surface of rough diamonds to present with a green colour, as was thought to be the case with two very small, lower quality rough diamonds previously recovered from testing and commissioning at the Project.

The Company believed neither of these smaller, lower quality rough diamonds warranted additional consideration at the time. However, given the larger size, quality, and shape of this rough diamond, the Company believes further analysis is warranted due to the relative rarity and value of green diamonds.

While an initial analysis may provide some insight into this 5.36 carat green rough diamond, it is probable that the cutting and polishing of this rough diamond, at the Company’s discretion will be required to determine if the rough diamond retains its green colour throughout or if the green colouration is limited to the outer surfaces only.

The 5.36 carat green rough diamond has been shipped to Antwerp along with other rough diamonds recovered from the ongoing efforts and processing underway at the Project.

On May 18, 2017, the Company announced the results of two initial tenders held earlier in the current quarter, in which a combined total of 6,165.69 carats of rough diamonds where sold, including the sale of seven individual rough diamonds in the specials category (+10.8 carats).

The two tenders and sales completed to date in the current quarter generated gross proceeds of USD $1,512,741.96 for an average price of USD $245.35 per carat. The above noted rough diamonds delivered, excluding the 5.36 carat green rough diamond, will be offered in a third and final tender and sale of the current quarter, which is scheduled to be completed prior to the end of June 2017.

The combined testing, commissioning, and calibration exercises currently underway are designed to support the continued advancement of objectives consistent with the recommendations of the updated NI 43-101 Technical Report (“Updated Technical Report”) filed by the Company on April 28, 2015, and to aid the Company in arriving at initial production decisions for the Project.

The recovery of all rough diamonds to date are incidental to the ongoing commissioning and testing exercises performed at the Project.

The above-noted testing exercises and incidental recoveries do not form part of the Updated Technical Report and therefore no general grade, price, or quality determination is intended by the Company at this time due to the nature and purpose of the processing of this material.